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Apollo Aligned Alternatives
Key Statistics
Fund Size
$7,800M
Target Return
12.0%
Annualized Return
7.3%
Launch Year
2023
Min. Investment
€25,000
Availability
Open through selected distributors
Structure
Evergreen
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
High (<1 year)
Management Fee
1.5%
Carry
12%
High Water Mark
No
Currencies
USD, AUD
Investor Eligibility
Institutional
Liquidity Options
Quarterly redemptions subject to conditions and liquidity caps
Highlights
US Fund Metrics
NAV per Share
$1.16
Expense Ratio
2.07%
Distribution Frequency
Quarterly
Redemption Notice
60 days
Tax Form
1099
Liquidity Terms
Quarterly redemptions up to 5% of NAV, redemptions may be suspended or deferred if insufficient cash
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Information about fund
Investing Alongside Athene
Apollo Aligned Alternatives (AAA) is Apollo’s multi-asset evergreen fund that invests alongside the balance sheet of its insurer Athene across core and traditional private equity, private credit and real assets, targeting equity-like returns of 12% to 15% net with a fraction of listed-market volatility. The Luxembourg E-1 vehicle for non-US investors launched on 1 July 2023 and had $7.8 billion by 31 January 2026, while Athene’s own AAA portfolio totalled $14.4 billion at the end of 2025. Subscriptions are monthly and redemptions quarterly with a 5% gate across parallel vehicles; the management fee is 1.50% with no fund-level performance fee (the underlying strategies carry roughly 12% blended carried interest), and minimums start at €25,000. The I1 class had returned 19.9% since launch, or 7.3% a year, with 3.2% volatility — below the target so far.
Key Figures (31 January 2026, E-1)
Fund Size
$7.8B
Athene AAA portfolio $14.4B
Target
12–15% net
Equity-like, lower volatility
Since Launch (I1)
7.3% p.a.
19.9% total; vol 3.2%
Fees
1.50%
No fund-level performance fee
Liquidity
Quarterly
5% gate across vehicles
Minimum
€25,000
Class E; launched Jul 2023
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